Singh brothers, ex-promoters of Ranbaxy & Fortis, held for fraud
Former Religare CMD Arrested For 2,397Cr ‘Loss’
New Delhi: The economic offences wing of the Delhi Police on Thursday arrested former Religare promoter Shivinder Mohan Singh and the company’s ex-CMD Sunil Godhwani for alleged default in repayment of dues and causing wrongful loss of Rs 2,397 crore to Religare Finvest Ltd (RFL). Late in the night, Shivinder’s elder brother and Religare co-promoter Malvinder, also an accused in the case, was detained from Ludhiana.
➤ These group companies are alleged to have wilfuly defaulted in repayment; RFL suffered a loss of 2,397cr
➤ When the fraud was detected, the Singh brothers exited the boards of REL and RFL in April 2018
Two former top executives of the company, Kavi Arora and Anil Saxena, were also arrested for their alleged involvement in the case. The police action against the brothers marks a stunning fall for one of the best-known business families in Delhi and the count➤ RFL’s new management filed an FIR with the EOW of Delhi Police against the Singh brothers and other top management of the company
ry. Malvinder and Shivinder’s father late Parvinder Singh had set up Ranbaxy, which was the country’s largest pharma company, and the family also founded Fortis, which runs a chain of hospitals across India.
The brothers have been
ousted from Religare and Fortis after they pledged their shares to raise money, but could not repay the loans, setting the stage for a rapid slide for the scions of the top business family.
Shivinder (L) & Malvinder